It’s obvious that Above The Law is required reading here at Debtor’s Prison.  In fact, I think it’s unfortunate that the blog is dominated primarily by lawyers BECAUSE if say, American Legal work can be outsourced, what can’t? Without further ado here is the link:

First my two cents. The title is fitting because indeed those in the know DID know this would happen…and it’s a classic example of the “scam blogger” effect where even if you utter a highly watered down version of the truth most people not in the know think you’re at best crazy and at worst a cynical, whining, fingerpointing lay about. Is this pathetic? Yes. Would I take this job? Maybe and here is why: shame.  It might be worth poverty wages, stomach parasites, and leaving everything I’ve ever known to look myself in the mirror and know that I am surrounded by individuals who are staring at me for a very different reason.

Read on to hear what the gang thinks

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Hi kids.  I am sure you have heard about the petition going around trying to drum up support for bankruptcy protection for student debtors.  But who does that help?  Is that really the answer?  I am going to put in my two cents before I leave it to the gang to discuss.

Essentially I don’t think it’s the answer.  Here’s why.  At the end of the day the man gets his money and lawyers ruin everything.   Here’s what I mean.  Collectors collect.  We as a group lost bankruptcy protection when newly minted lawyers declared bankruptcy, discharged their loans and then went on to lucrative careers with the inconvenience of paying a higher interest rate on credit cards and mortgages.  If bankruptcy protection returns, these people will game the system again and collectors will simply find some other way to get their money.  One way could be to astronomically increase interest rates on student loans.  Another way would be to demand parent cosigners for student loans (thereby eliminating bankruptcy as an option if you care about your family).  The point is, we’re not slick compared to the man.  The man will get his money.

Read on as I finish my thought and the gang ways in

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UNC-Greensboro is offering a three year undergrad program with majors offering actual life skills like accounting, information systems and elementary education. That’s great for those not already in debtor’s prison. High School students are in the unenviable position of having to budget for likely stints of unemployment that will overlap with some level of student loan payment. Could this be the great equalizer?

Before I let everyone else weigh-in I’d like to say I think this is a major step in the right direction. With graduate level degrees and additional certifications as prerequisites for even entry level jobs kids need an opportunity to get out into the world before they are 30. Also consider this – say a student lived at home and worked full time, scraping together enough to pay for two semesters of school. Say he then gets into a three year program. According to my Math he’s just cut his borrowing in half.  And that is the name of the game kids.

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